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Turkey: bonds

Turkey has the sixth largest local currency bond market among the emerging market countries. Its key instruments are corporate bonds, commercial paper and bank bills.

The corporate bond market in Turkey amounted to only TL481 million (US$340million) at the end of 2009, jumping up to TL1.4 billion5 (US$1.9 billion) in end 2010 and to TL4.3 billion in end 2011. This is still very small in comparison to other major emerging market countries.

Since the Turkish eurobond market opened in early 2011, banks and corporates are now allowed to issue eurobonds directly without having to pay withholding tax on interest payments under the bonds. This change in law, along with the favourable market conditions, has encouraged many Turkish issuers (predominantly banks) to come to market.

Strategic benchmarks in public debt are:
- To make borrowing mainly in TL;
- To use fixed rate TL instruments as the major source of domestic cash borrowing and decrease the share of debt which has interest rate refixing period less than 12 months;
- To increase the average maturity of domestic cash borrowing taking market conditions into consideration and decrease the share of debt maturing within 12 months;

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
TRY 64 584 099 820 789
USD 29 58 000 000 000
EUR 8 8 550 080 000
JPY 3 370 000 000 000
corporate
TRY 596 86 054 462 017
USD 102 49 463 879 000
EUR 19 3 095 702 910
MYR 6 1 960 000 000
JPY 2 1 900 000 000
RON 2 105 000 000
HUF 1 700 000 000
PLN 1 14 000 000
AUD 1 15 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Export Credit Bank of Turkey, 8.25% 24jan2024, USD - International bonds XS1917720911 8.25% 500 000 000  USD 01/24/2019 01/24/2024
Turkey, Bond 0 15jan2020 - Domestic bonds TRT150120T32 0% 1 843 000 000  TRY 01/15/2019 01/15/2020
Turkey, Bond 4.2r 10jan2024 - Domestic bonds TRT100124T17 4.2% * Turkey CPI Index 2 239 000 000  TRY 01/15/2019 01/10/2024
Tera Menkul, 0% 12jul2019, TRY (179D) - Domestic bonds TRFTERA71912 0% 30 000 000  TRY 01/14/2019 07/12/2019
Aktif Bank, 23% 12apr2019, TRY - Domestic bonds TRDABVK41925 23% 50 000 000  TRY 01/11/2019 04/12/2019
Global Yatirim Holding, 28% 8jul2019, TRY - Domestic bonds TRFGLMD71919 28% 40 000 000  TRY 01/11/2019 07/08/2019
Halkbank, 21.95% 13jan2020, TRY - Domestic bonds TRSTHAL12014 21.95% 100 000 000  TRY 01/11/2019 01/13/2020
Halkbank, 0% 12apr2019, TRY (91D) - Domestic bonds TRFTHAL41911 0% 130 000 000  TRY 01/11/2019 04/12/2019
IS Yatirim, 0% 11mar2019, TRY (59D) - Domestic bonds TRFISMD31955 0% 382 700 000  TRY 01/11/2019 03/11/2019
Nurolbank, 0% 10may2019, TRY (119D) - Domestic bonds TRFNURL51910 0% 50 000 000  TRY 01/11/2019 05/10/2019

Cbonds Bond Market Indices

Daily indices

Type: 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019 01/10/2019 01/09/2019
Euro-Cbonds Sovereign Turkey
[9325] Euro-Cbonds Sovereign Turkey  135.92 135.24 133.92 133.64 134.46 134.57 134.53
[9327] Euro-Cbonds Sovereign Turkey PI 84.59 84.18 83.36 83.20 83.77 83.85 83.84
[9329] Euro-Cbonds Sovereign Turkey D 2 464.00 2 456.00 2 439.00 2 433.00 2 445.00 2 447.00 2 447.00
[9331] Euro-Cbonds Sovereign Turkey YTM 7.13 7.20 7.34 7.37 7.27 7.25 7.26
[9333] Euro-Cbonds Sovereign Turkey YTM eff 7.25 7.33 7.48 7.51 7.40 7.39 7.39
[22493] Euro-Cbonds Sovereign Turkey T-spread 424.31 431.43 449.43 456.10 443.04 440.69 438.53
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World Bond market statistics

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Domestic government bond market (Eastern Europe)
[8691] Turkey govt Bonds outst., EUR bln (without Bills) 101.86 103.41 99.12 88.00 79.42 104.99 111.55
[11997] Number of new government bond issues, Turkey 3 4 3 6 8 8 6
[12031] New issues of government bonds, Turkey, EUR bln 1.26 0.83 0.80 1.32 1.90 3.99 3.95
[12065] New issues of government bonds, Turkey, USD mln 1 437.89 937.12 927.99 1 546.78 2 168.72 4 640.72 4 600.10
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Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS volume of international-bond market of emerging countries
[10369] Turkish international bonds, USD bln 142.600 143.800 146.500 142.600 138.800 137.400 125.900
BIS net issues of international-bond market of emerging countries
[10567] International-bond net issue of Turkey, USD bln -0.500 -1.500 3.400 3.600 1.100 10.300 4.900

New issues of Emerging markets International Bonds

Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Eastern Europe)
[19625] Annual new issues of Turkey sovereign international bonds, USD bln 7.718 9.126 5.500 3.000 7.308
[19659] Annual new issues of Turkey corporate international bonds, USD bln 5.979 11.785 8.010 4.165 12.175
[19693] Annual new issues of Turkey corporate international bonds, (financial sector) USD bln 4.679 10.559 7.185 3.311 10.223
[19727] Annual new issues of Turkey corporate international bonds, (non-financial sector) USD bln 1.300 1.226 0.825 0.853 1.952

Emerging Markets International Bonds

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Volume of Eastern Europe International Bonds Markets
[21145] International bonds of Turkey, USD bln 119.015 119.491 115.843 116.180 116.306 116.252 116.425
[21179] Corporate international bonds of Turkey, USD bln 50.506 51.185 49.206 50.128 50.183 50.089 50.255
[21213] Sovereign international bonds of Turkey, USD bln 68.509 68.306 66.638 66.052 66.123 66.163 66.170
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Credit Risk Indicators

Daily indices

Type: 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019 01/10/2019
CDS Turkey (Interactive Data)
[13563] CDS 6M Turkey 173.0400 188.7700 192.1400 206.4900 216.1300 211.7600 210.4000
[13625] CDS 1Y Turkey 205.9200 224.5200 228.4300 245.3600 256.6900 251.1800 249.4500
[13687] CDS 2Y Turkey 240.3200 262.0100 266.5900 275.4600 283.3500 277.3800 275.5100
[13749] CDS 3Y Turkey 276.0100 293.4000 298.5300 307.7200 314.7700 308.1900 306.1400
[13811] CDS 4Y Turkey 302.5000 317.0000 322.5300 332.4300 340.2300 333.1600 330.9700
[13873] CDS 5Y Turkey 322.2500 338.9900 344.8800 356.4000 366.9200 359.3600 357.0200
[13935] CDS 7Y Turkey 361.8100 372.7800 378.8500 387.9400 397.0800 386.6100 384.2600
[13997] CDS 10Y Turkey 379.7100 389.9300 395.7700 405.3700 414.2900 402.0600 399.8200
[14059] CDS 15Y Turkey 392.8800 402.3000 407.6900 417.1600 425.4900 412.8300 410.7900
[14121] CDS 20Y Turkey 400.9500 409.9300 415.0700 424.3600 432.3600 419.6900 417.7500
[14183] CDS 30Y Turkey 407.6200 416.1600 421.0500 430.1000 437.7700 425.2500 423.4300
Default Probability Turkey (Interactive Data)
[20369] 6M Default Probability Turkey 0.9800 1.0700 1.1000 1.1900 1.2500 1.2500 1.2500
[20431] 1Y Default Probability Turkey 2.5300 2.7700 2.8200 3.0400 3.1900 3.1500 3.1300
[20493] 2Y Default Probability Turkey 6.0800 6.6300 6.7500 6.9700 7.1700 7.0500 7.0100
[20555] 3Y Default Probability Turkey 10.4400 11.0600 11.2500 11.5800 11.8400 11.6400 11.5700
[20617] 4Y Default Probability Turkey 15.0600 15.7100 15.9700 16.4200 16.7800 16.4900 16.4100
[20679] 5Y Default Probability Turkey 19.7100 20.6100 20.9400 21.5800 22.1700 21.8000 21.6800
[20741] 7Y Default Probability Turkey 29.7100 30.3600 30.7900 31.3700 31.9800 31.2700 31.1300
[20803] 10Y Default Probability Turkey 41.3000 42.0300 42.5000 43.2600 43.9600 42.9300 42.7700
[20865] 15Y Default Probability Turkey 56.5400 57.2700 57.7300 58.5500 59.2400 58.0600 57.9100
[20927] 20Y Default Probability Turkey 68.2500 68.9000 69.3100 70.0800 70.6900 69.5600 69.4300
[20989] 30Y Default Probability Turkey 83.0700 83.5300 83.8200 84.3900 84.8200 83.9600 83.8700
CDS Emerging markets (sov.) 
[11901] CDS 5Y Turkey mid   * * * *   *
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Risk Management Institute

Daily indices

Type: 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019 01/10/2019 01/09/2019
RMI CVI - Europe
[10143] Turkey CVI value weighted  59.26 60.82 64.89 65.98 69.43 69.50 70.89
[10145] Turkey CVI tail  228.79 224.02 232.34 233.18 239.98 238.32 240.68
[10147] Turkey CVI equally weighted  61.97 62.22 65.64 66.18 69.06 69.47 70.33
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Inflation Rate (World), % to the same period of the previous year
[15777] Inflation Rate (Turkey)     25.24 24.52 17.90 15.85 15.39
Consumer Prices Indices (CPI, Global)
[10821] HICP Turkey, Monthly rate of change, %  -0.40 -1.40 2.70 6.30 2.30 0.50 2.60
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Yearly indices

Type: 2017 2016 2015 2014
Government Debt to GDP (World), %
[15411] Government Debt to GDP(Turkey) 28.30 28.30 27.50 33.50

JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI+ (publication was suspended since 30.10.2013) 
[33] EMBI+ Turkey spread * * * * * * *
EMBI Global (publication was suspended since 30.10.2013) 
[3119] EMBI Global Turkey * * * * * * *
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